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International Frontier Resources Corporation

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May 31, 2011

Frontier purchases title to 17,082 acres on Bakken play in northwest Montana



International Frontier Resources Corporation ("Frontier" or the "Company") reported today that the Company has entered into agreements with ten vendors to purchase title to their freehold acreage located in northwest Montana for a purchase price of US$3,183,133. The Company will initially pay $2,121,876 with the balance of $1,061,256 being held in a trust account until a title opinion has been completed. If the title opinion indicates that the vendors own less than 17,082 net acres, or more than 17,082 net acres, the purchase price will be adjusted accordingly using US$186.33 per net acre.

Frontier's fee acreage is located on the Blackfeet Reservation, Glacier County northwest Montana where Anschutz Exploration (private), Newfield Exploration (NFX-Z) and Rosetta Resources (ROSE-Q) have drilled discovery wells. The discovery of moveable oil in tight rock in Montana kicked off the Alberta Basin Bakken Petroleum System play ("ABPS") which is currently being explored and appraised in northwest Montana and southwest Alberta.

The majority of Frontier's fee acreage is currently under lease to Newfield Exploration and Anschutz Exploration. The existing leases reserve, in favor of the Lessor (Frontier), gross over-riding royalties ranging from 12.50% to 18.75%. The existing leases expire over the period 2011 - 2016. The acreage is located on the postulated over-pressured ABPS play fairway and within close proximity to wells drilled by Anschutz, Newfield and Rosetta on the Montana side and Crescent Point (CPG-T), Murphy Oil (MUR-Z) and Royal Dutch Shell (RDS-Z) just across the border on the Alberta side.

The ABPS play is a light tight oil ("LTO") resource play which is characterized as a self sourcing hydrocarbon system with thermally mature source rocks in the Bakken shales in Montana and the Exshaw shales in southern Alberta. Based on available data the Blackfeet Reserve area is interpreted to be a Deep Basin LTO resource play with pervasive petroleum saturation, over pressured reservoirs, no water and the presence of light API oil. The Blackfeet Reserve is located on the eastern fore-front of the Rocky Mountains therefore there is a good chance for natural rock fracturing in the prospective reservoir targets which, if encountered, should increase production rates and recoverable reserves. This unique geological setting offers multiple stacked zones, which include the Lodgepole, Bakken, Three Forks, Nisku and Cone.

The two public companies exploring on the Blackfeet Reserve, Newfield and Rosetta, have in their Q1, 2011 operations updates stated the following; "Newfield has drilled seven vertical wells, completed and placed on production two horizontal wells, and is preparing to drill an eighth vertical well. All wells to date have encountered oil. Newfield has 280,000 net acres in the play, located in Glacier County Montana. Multiple prospective geological formations throughout the acreage are planned for evaluation". In a Q1, 2011 update Rosetta said "Rosetta's 11-well vertical drilling program to assess the commerciality of the play across its approximately 300,000-acre position in northwest Montana is nearing completion. The company has two rigs under contract in Q1, 2011. As of March 31, 2011, eight vertical delineation wells had been drilled with operations underway on the ninth and tenth vertical wells. In Q2, 2011 Rosetta will spud the first of three horizontal wells". Rosetta have also stated that they have "confirmed significant oil hydrocarbons in place and over-pressured reservoirs, with an estimated 13 - 15 million barrels oil equivalent resource in place per square mile (640 acres)". Scouting reports indicate that Anschutz have also discovered oil on their Blackfeet acreage.

The map below indicates well licenses issued by the Montana Department of Natural Resources and Conservation as of March 31, 2011 as well as townships in which Frontier owns fee acreage.



In 2010 - 2011 the ABPS play was extended into southern Alberta with discovery wells drilled by Argosy Energy (GSY-T), Crescent Point (CPG-T), Deethree (DTX-T), Murphy Oil (MUR-Z), Nexen Inc. (NXY-T) and Royal Dutch Shell (RDS-Z).



In a research report dated April 2011 BMO Capital Markets Oil & Gas "estimates that from January 2009 to March 31, 2011 industry has spent approximately $518 million along the ABPS fairway for land, bonus and farm-ins to establish land positions in southwest Alberta and northwest Montana. As of March 31, 2011 a total of 59 wells (32 in Alberta and 27 in Montana) have either been drilled or licensed. At an estimated cost of $4 million per well for the 59 wells industry have committed approximately $245 million for drilling".

Commenting on the purchase Frontier said "it had been seeking an opportunity to get involved in an oil resource play that would not involve major dilution to its shareholders. The fee acreage we acquired provides excellent exposure to an emerging light tight oil resource play that is being explored and appraised on both sides of the border. Based on the number of vertical wells drilled to date on the Blackfeet Reserve it is fair to assume that operators have gathered enough reservoir data to understand rock properties therefore the next stage of development will likely include horizontal wells and multi-stage fracturing to achieve optimum production rates and recovery factors. As the Company's fee lands do not expire we have numerous options available to exploit our Montana acreage portfolio, the most appealing of which is drilling 100% net revenue wells".

The Company's shares are listed on the TSX-V trading under the symbol "IFR". For additional information on the Company's projects please visit our website at www.internationalfrontier.com or contact;

Pat Boswell

President

403-215-2781


"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." This news release includes forward looking statements for which the Company seeks Safe Harbor.
 
 

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